Today he and existing investor FinLab are both increasing their
holdings, as part of a €15 million (£12.5 million, $16.5 million)
investment round. US VC firm Greycroft Partners and e.ventures
also took part in the round, which values Deposit Solutions at
€110 million (£91.9 million, $121 million).

Deposit Solutions, founded in 2011, provides a platform that lets
people access the best rates from multiple banks without having
to open up new accounts with each lender.

Imagine bank A, which offers a 2% savings account, has money
sitting on its balance sheet that it doesn't need right now. Bank
B, meanwhile, offers a 5% savings account but needs more money.
Deposit Solutions platform lets Bank A say to its customers, hey,
we'll give you Bank B's 5% rate on our account. Bank A then lends
Bank B the money it needs behind the scenes and Bank B agrees to
make good on the 5% interest in exchange for the funds.

It's win, win, win: for the customer, you get Bank B's juicy 5%
rate without the hassle of opening another account; for Bank A,
they get a happy customer who, hopefully, is less likely to
leave; and for Bank B they get access to capital.

"We address an important structural problem in European banking
today for banks and retail customers: Many banks are unable to
offer attractive interest rates to their clients. At the same
time, other banks find it difficult and costly to gain access to
retail deposit funding. Our platform provides a solution for both
while savers find it easier to get access to better rates."

Deutsche Bank recently signed on to use the platform and Deposit
Solutions' consumer offering ZINSPILOT is handling €100 million
(£83.6 million, $110 million) of retail deposits each month.

Deposit Solutions plans to use the extra cash it has raised to
continue expansion into the UK and Switzerland. The startup
recently opened a London office and plans to launch its platform
in the UK by 2017.

"We are seeing substantial demand from banks looking to offer
their clients attractive deposit products under the existing
account relationship. As a result we have gained access to
millions of clients and billions of deposit appetite in a very
short amount of time. This in turn is very attractive to banks
wanting to raise deposits through our platform."